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Austrian school of economic true-money-supply growth rate. Do you anticipate more QE from the FED? I guees new money supply expansion will come from the Treasury. Take a look at money supply growth rate (Treasury account included). Treasury has accumulated a lot of money recent months. But contrary to last year this time they has not sucked this money from economy, someone has borrowed a lot of money to buy all new issued treasuries. Nice scheme. Treasury transform commercial banks excess reserves (they have it a lot, thanks QE) to new money. If the Treasury start spend all money they has accumulated recent months they provoke little economic boom (if this money will not come back to excess reserves). I guess they spend most money before March, because of debt ceiling.